Why should you choose an executor of your estate? You need someone who will follow through with taking care of your assets after you pass away. An executor of your will or your estate can do just that.
Most people choose a close family member or friend to be their executor. But a corporate executor is always a good idea if you would like a neutral party in charge.
The Roles of an Executor
Take care of your loved ones by creating an estate plan before you pass away. Choosing an executor is an integral part of the process. Consider the executor’s expertise in navigating some required tasks:
· Notify Relevant Companies of the Death: The executor will let mortgage companies, business associates, banks, life insurance companies, and other entities about the death. Then they can move forward with settling the will.
· Track Down All Assets and Follow the Directions of the Estate Plan: The executor will know about investment accounts, properties owned, and life insurance policies so they can collect all assets in one place. The estate plan will include directions for liquidating properties or passing them along to beneficiaries.
· Locate All Beneficiaries: The executor will follow directions in the estate plan regarding when to distribute funds to specific beneficiaries. The executor will also track down the next of kin if they are not close to the deceased person.
· Keep Up with All Bills and Taxes During the Process: An executor will pay mortgage payments, car payments, credit card bills, and other relevant expenses to keep accounts in good standing as the estate is settled.
If you are worried about family drama or the expertise of your chosen family executor, call on the professionals for help. Often, a third-party executor can relieve potential issues caused by dividing the assets among beneficiaries.
Miles & Hatcher, LLP, is at your service with answers to questions about choosing an executor and professional advice. Be confident in what will happen to your assets after you pass away. Call to book a free consultation: (909) 481-4080.